Tax Laws and Practice

CS Executive (Old Syllabus) - Paper 4 : Tax Laws and Practice

ICSI has introduced this paper Tax Laws and Practice at the CS Executive level (Old Syllabus) where you will learn about the legal procedures and rules governing how tax rates are calculated. They cover charges on estates, income, property, transactions, licenses, etc. by the government.

More about Tax Laws and Practice

What are Tax Laws and Practice?

Tax Laws are the legal procedures and rules governing how tax rates are calculated. They cover the charges on estates, income, property, transactions, licenses, etc. by the government.

Why has ICSI introduced this paper, Tax Laws and Practice, at the CS Executive Level?

To impart conceptual understanding to the students about the provisions of the Direct Tax Laws (Income Tax) and Indirect Tax Laws (GST and Customs)

As a CS, it is incumbent on your part to know about tax implications for Companies and Individuals. Tax is also one of the areas of practice for CS. At this level you will be learning more about Direct Taxes such as Income Tax Rules, Clubbing of Income, etc. This will build a base for you to study further Tax Laws at the Professional level where the focus is on analysing and Interpreting laws to solve complex problems

What are the topics covered in Tax Laws and Practice at CS Executive Level?

Basic concepts of Income Tax

Incomes which do not form part of Total Income

Computation of Income under Various Heads

Clubbing provisions and Set Off and / or Carry Forward of Losses

Deductions from Gross Total Income & Rebate and Relief

Computation of Total Income and Tax Liability of various entities

Classification and Tax Incidence on Companies

Procedural Compliance

Procedural Compliance under GST

What is the best approach to study the Tax Laws and Practice paper?

Tax is a subject that requires a lot of time and practice. It becomes very difficult if it is kept pending till the last moment. Start the subject early so that you have ample time to understand concepts and solve problems and case studies

Tax Law is one of the most dynamic laws and there are amendments, circulars and notifications. Equip yourselves to these changes and keep yourselves updated with latest amendments

Ensure that you have enough time to revise the entire subject at least 2-3 times. So, Time management plays a very important role for studying Tax Laws

4. Computation of Total Income under Various Heads – Income under head Salaries

4

4. Computation of Total Income under Various Heads – Income under head House Property

3

4. Computation of Total Income Under Various Heads - Income from Business or Profession

1

4. Computation of Total Income under Various Heads – Income from Capital Gains

9

4. Computation of Total Income under Various Heads – Income from Other Sources

2

5. Income of Other Persons Included in Assessee’s Total Income and Set-Off or Carry Forward of Losses

3

6. Deductions from Total Income

3

10. Collection and Recovery of Tax

3

Series 1:

Part B: Goods and Service Tax

Chapter 1: GST in India - An Introduction

6

Chapter 2: Levy if GST

2

Chapter 2A: Glossary

4

Chapter 3: Taxable Event - Supply

10

Chapter 4: Reverse Charge

4

Chapter 5: Time of Supply

6

Chapter 6: Value of Supply

2

Chapter 7: Registration

8

Chapter 8: Composition Scheme

4

Chapter 9: Input Tax Credit

9

Chapter 10: Tax Invoice, Credit and Debit Notes

4

Chapter 11: Payment of Tax

2

Chapter 12: Returns

2

Chapter 13: Exemption

1

Chapter 14: E-way Bill

4

Chapter 15: Accounts and Records

1

Chapter 16: Electronic Commerce

1

Chapter 17: TCS & TDS

1

Chapter 18: IGST ( Place of Supply)

9

Chapter 19: Refund

2

Chapter 20: Audit and Assessment

3

Chapter 21: Inspection, Search, Seizure & Confiscation

2

Chapter 22: Offences & Penalties

2

Series 2:

Part A: Income Tax

Lesson 1: Introduction and Important Definition

5

Lesson 3: Income Which do not form Part of Total Income

3

Lesson 4: Computation of Total Income Under various Heads - Income Under Head Salaries

4

Lesson 4: Computation of Total Income Under Various Heads - Income Under Head house Property

3

Lesson 4: Computation of Total Income Under various Heads- Income from Business or Profession

16

Lesson 4: Computation of Total Income Under Various Heads - Income from Capital Gains

13

Lesson 4: Computation of Total Income Under Various Heads - Income from Other Sources

4

Lesson 5: Income of Other Persons Included in Assessee's Total Income and Set-off Or Carry Forward of Losses

3

Lesson 6: Deduction from Total Income

3

Series 3:

Part A: Income Tax

Lesson 3: Incomes which do not Form Part of Total Income

3

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